•  
  •  
  •  

OPIC to back 250-MW Egyptian wind project with USD 87m

Wind farm in Egypt. Author: Gigi Ibrahim. License: Creative Commons, Attribution 2.0 Generic

June 14 (Renewables Now) - The Overseas Private Investment Corporation (OPIC) has approved USD 87 million (EUR 77.1m) in financing for Lekela Egypt Wind Power BOO SAE’s 250-MW wind project in the Gulf of Suez.

The US government’s development finance institution said on Wednesday its commitment will mobilise over USD 250 million in additional financing for the project. The funds will be allocated to develop, build and operate the proposed wind farm, which will consist of 73 turbines of 3.6 MW each, located northwest of the town of Ras Ghareb. Its commissioning is scheduled for 2021.

The overall investment required for the scheme is estimated at USD 325.7 million. A power purchase agreement (PPA) with the Egyptian Electricity Transmission Co (EETC) was signed in February.

The project will help Egypt diversify its energy mix, lower electricity costs and help it tackle its aging power infrastructure issues. OPIC’s acting president and CEO David Bohigian pointed out that energy security is a “critical barrier” to sustainable growth in Egypt.

Lekela Egypt Wind Power is a unit of Lekela Power, which is in turn a 60/40 joint venture between private equity firm Actis and a consortium led by Ireland-based wind and solar developer Mainstream Renewable Power.

(USD 1.0 = EUR 0.887)

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription